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News: West Texas Intermediate spurts higher

  1. West Texas Intermediate oil futures settled higher today as an agreement to halt months of deadly fighting in Ukraine helped ease concerns over Russian oil demand, but the continuing supply glut in the U.S. kept price gains in check.

    West Texas Intermediate for delivery in March jumped 4.9% to settle at US$51.21 a barrel on the New York Mercantile Exchange.

    March Brent futures were up US$2 at nearly US$57 a barrel, following a 3% loss in the previous session that saw prices break below US$54 at one point.

    French and German leaders brokered a renewed deal to end Ukraine’s 10-month conflict with Russia-backed separatists.

    Volatility in the oil market has jumped to the highest level since the financial crisis, with prices swinging in a wide range this month following the near 60% crash between June and January.

     

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